“The end goal is to have your money parked in a nice place,” Korangy said. “Chinese are long-term buyers. They’re not necessarily looking for immediate yield.”

New York is still a relative bargain compared to other world capitals, Korangy said. “New York City real estate continues to go up,” he said, and noted. When asked about whether the Chinese buying spree mirrored what the Japanese did in the 1990s (buying up trophy assets like the Rockefeller Center), Korangy said there was one big difference. “They had debt,” he said of the Japanese buyers. “Chinese buyers don’t have debt. They’re buying these places in cash.” [CCTV America] — Claire Moses